Nevada’s sportsbooks enjoy record revenue in November despite casino slump

Nevada casino gaming revenue took a major hit in November, despite a record performance by the state’s licensed sports betting operators.

Figures released Tuesday by the Nevada Gaming Control Board show statewide casino gaming revenue of just under $771.2m in November, a nearly 17.8% decline from the same month last year and around $50m below October 2020’s result.

The decline was largely expected, following Gov. Steve Sisolak’s late-November decision to halve casinos’ already limited capacity to 25% of normal. With the state’s COVID-19 infection rate showing no sign of slowing, Sisolak announced earlier this month that he was extending this restriction at least through January 15.

The impact was felt most directly on the Las Vegas Strip, which saw its November gaming revenue slide nearly one-third year-on-year to $349.8m. Most other regions also reported negative growth, although Downtown Las Vegas – which is far less reliant on out-of-state customers and also benefited from the first full month of the new Circa property – gained 1.7% to $53m.

Statewide slots revenue slid 14.3% to $528.5m in November, while the ‘table, counter and card games’ category tumbled 24.4% to $242.65m. Every individual product (save one) in the latter category was negative, including blackjack ($58.1m, -32.6%), baccarat ($42m, -44.4%), craps ($26.9m, -15%) and roulette ($14.2m, -55.4%).

The few smiling faces in Nevada casinos last month were over at the sportsbooks, which reported revenue effectively doubling year-on-year to a record $61.8m – higher than any table game – thanks to an overall win rate of 10.1%. Record football betting handle of $502m led to record football revenue of $55.9m, thanks in part to a calendar quirk that added an extra Sunday of NFL action.

However, the state’s overall betting handle in November failed to set a record with $609.6m, a $50m decline from October’s record. Unlike previous Novembers, there was no NBA or NHL regular season action to compete for NFL bettors’ attention. However, New Jersey’s sportsbooks were operating under the same limitations, and Nevada’s total handle paled in comparison to New Jersey’s November record of $931.6m.

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